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Previous: LANDMARK FUNDS I, N-30B-2, 1998-02-20 |
Next: AMBI INC, 10-Q/A, 1998-02-20 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A3
CURRENT REPORT
AMENDMENT No. 3 TO APPLICATION OR REPORT
FILED PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) December 12, 1996
AMBI Inc.
(Exact Name of Registrant as Specified in its Charter)
New York 1-12106 11-2653613
-------- ------- ----------
(State or other jurisdiction of (Commission File Number) (I.R.S.Employer
incorporation or organization) Identification
Number)
771 Old Saw Mill River Road, Tarrytown, New York 10591
- ------------------------------------------------ -----
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number including Area Code: (914) 347-5767
-----------------
<PAGE>
Item 7. Financial Statements and Exhibits
This amendment to AMBI Inc.'s current report on Form 8-K filed December 27, 1996
is being filed to amend the following pro forma financial information as
indicated hereafter.
(b) Pro Forma Financial Information
Number Description
P-2 Pro Forma Condensed Consolidated Balance
Sheet as of September 30, 1996
P-4 Pro Forma Consolidated Statement
of Operations for the Three Months Ended
September 30, 1996
P-5 Pro Forma Condensed Consolidated Statement
of Operations for the Year Ended June 30, 1996
P-6 Notes to Pro Forma Financial Information
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AMBI Inc.
Date: February 20, 1998 By: /s/ Fredric D. Price
----------------------
Fredric D. Price
President and Chief Executive Officer
<PAGE>
AMBI INC.
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
AS OF SEPTEMBER 30, 1996
(Dollars in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Aplin & Pro Forma
Reported Barrett Adjustments Pro Forma
-------- ------- ----------- ---------
ASSETS
Current Assets
<S> <C> <C> <C> <C>
Cash and cash equivalents $ 4,606 (1,133) 8,546 (A) 12,019
Trade accounts receivable less allowance
for doubtful accounts of $81,000 5,098 (3,491) 1,607
Due to AMBI - 1,760 (1,760) (B) -
Inventories 2,861 (2,593) 627 (C) 895
Prepayments and other current assets 1,033 (812) 5,500 (D) 5,721
------- ------- ------ ------
Total Current Assets 13,598 (6,269) 12,913 20,242
Property and equipment at cost less
accumulated depreciation 4,068 (3,363) 705
Patent costs and licensed technology at
cost less accumulated amortization 1,609 1,609
Other assets
113 113
------- ------- ------ ------
TOTAL ASSETS $19,388 (9,632) 12,913 22,669
======= ======= ====== ======
</TABLE>
P-2
<PAGE>
AMBI INC.
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
AS OF SEPTEMBER 30, 1996
(Dollars in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Aplin & Pro Forma
Reported Barrett Adjustments Pro Forma
-------- ------- ----------- ---------
LIABILITIES, REDEEMABLE PREFERRED
STOCK AND STOCKHOLDERS' EQUITY
Current Liabilities:
<S> <C> <C> <C> <C>
Current portion of notes payable and lease obligation $ 175 (94) (E) 81
Accounts payable and accrued expenses 2,222 (952) 1,270
Other liabilities 83 (67) 2,012 (F) 2,028
Dividends payable 326 326
Taxes payable 299 (307) - (8)
------- ----- ------ ------
Total current liabilities 3,105 (1,326) 1,918 3,697
Notes payable and lease obligation 894 (493) (E) 401
Long term loan 2,000 2,000
Deferred taxes payable 353 (353) - -
------- ----- ------ ------
TOTAL LIABILITIES 6,352 (1,679) 1,425 6,098
REDEEMABLE PREFERRED STOCK 1,500 - - (G) 1,500
------- ----- ------ ------
STOCKHOLDERS' EQUITY
Preferred stock
Common stock 104 - 104
Treasury stock (6,353) (H) (6,353)
Additional paid-in capital 51,674 (8,158) 8,158 (I) 51,674
Accumulated deficit (39,658) (379) 9,683 (J) (30,354)
Currency translation adjustment (584) 584 0 0
TOTAL STOCKHOLDERS' EQUITY 11,536 (7,953) 11,488 15,071
------- ----- ------ ------
TOTAL LIABILITIES, REDEEMABLE PREFERRED
STOCK AND STOCKHOLDERS' EQUITY $19,388 (9,632) 12,913 22,669
========= ======= ====== ======
</TABLE>
P-3
<PAGE>
AMBI INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996
(Dollars in thousands except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Aplin &
Reported Barrett Pro Forma
-------- ------- ---------
<S> <C> <C> <C>
Net Sales $ 4,235 (2,717) 1,518
Other Operating Revenues 131 (11) 120
------- ------ -----
TOTAL REVENUES 4,366 (2,728) 1,638
Cost of Sales (2,489) 1,491 (998)
------- ------ -----
Gross Profit 1,877 (1,237) 640
Selling, General & Administrative Expenses (4,605) 533 (4,072)
Research Costs (1,400) 220 (1,180)
Depreciation and Amortization (242) 117 (125)
------- ------ -----
OPERATING LOSS (4,370) (367) (4,737)
Interest Income 67 (8) 59
Interest Expense (37) 17 (20)
------- ------ -----
(LOSS)/INCOME BEFORE TAX EXPENSE (4,340) (358) (4,698)
Tax Expense (45) 43 (2)
------- ------ -----
NET (LOSS)/INCOME $(4,385) (315) $(4,700)
Preferred stock dividends (94) (94)
Net (Loss)/Income attributable to common stock $(4,479) $(4794)
------- -----
(Loss)/Earnings per share (K) $ (0.22) (K) $(0.26)
</TABLE>
P-4
<PAGE>
AMBI INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 1996
(Dollars in thousands except per share amounts)
<TABLE>
<CAPTION>
Aplin &
Reported Barrett Pro Forma
-------- ------- ---------
<S> <C> <C> <C>
Net Sales $ 14,157 (12,614) 1,543
Other Operating Revenues 1,865 (77) 1,788
-------- ------ -----
TOTAL REVENUES 16,022 (12,691) 3,331
Cost of Sales (6,353) 5,114 (1,239)
-------- ------ -----
Gross Profit 9,669 (7,577) 2,092
Selling, General & Administrative Expenses (11,177) 2,878 (8,299)
Research Costs (2,294) 716 (1,578)
Depreciation and Amortization (819) 396 (423)
-------- ------ -----
OPERATING LOSS (4,621) (3,587) (8,208)
Foreign exchange gain/loss 3 (3) -
Interest Income 317 (26) 291
Interest Expense (133) 65 (68)
-------- ------ -----
(LOSS)/INCOME BEFORE TAX EXPENSE (4,434) (3,551) (7,985)
Tax Expense (285) 267 (18)
-------- ------ -----
NET LOSS/(INCOME) $ (4,719) (3,284) $(8,003)
Preferred stock dividends (502) (502)
Conversion discount on preferred stock (1,343) (1,343)
-------- ------ -----
Net (loss)/income attributable to common stock (6,564) (3,284) (9,848)
-------- ------ -----
Loss per share $(0.34) (L) $(0.59)
-------- ------ -----
</TABLE>
P-5
<PAGE>
AMBI INC.
NOTES TO PRO FORMA FINANCIAL INFORMATION
A $8 million in cash received upon completion of sale, as well as A&B
remaining cash balance transferred through the intercompany account, less
amounts used to pay off equipment lease (see note E).
B Elimination of intercompany balance through the transfer of cash of $1,133
thousand, and inventories of $627 thousand.
C Nisin pharmaceutical inventory transferred through intercompany account.
D $5.5 million receivable from BP for remainder of purchase price.
E Reflects AMBI's pay off of lease on A&B equipment.
F Reflects reserve accrual for expenses related to divestiture of A&B.
G Preferred stock is to be redeemed on the Second Closing Date for $1.5
million.
H Treasury Stock received, 2.42 million shares valued at $2.625 per share
(quoted market price as of the effective date of agreement).
I To properly state the legal capital of AMBI.
J Reflects gain on sale, no tax expense is being accrued because gain on sale
is expected to be offset by operating losses and net operating loss
carryforwards of $11.2 million, (See Note 13, June 30, 1996 10-K). Gain on
sale in original 8-K filing was $38 thousand, while the revised gain on
sale is $9,683 thousand. The revision is due to an error in computing the
cost basis of A&B and a revision in the estimated amounts used in
calculating the gain. The original computation computed the gain using the
initial investment in A&B as opposed to the current book value of A&B. The
computation also did not properly account for the intercompany balance. The
increase in the reserve for anticipated expenses is based on better
estimates of such expenses. A reconciliation between the two reported gains
is provided below.
<TABLE>
<CAPTION>
Original
Form 8-K Form 8-K/A3 Difference
<S> <C> <C> <C>
Description
Cash & receivables $13,500 $13,500 -
Common shares redeemed 6,353 6,353 -
------- ------- --
Total sales price 19,853 19,853 -
------- ------- --
Less:
Cost basis in A&B (16,487) - 16,487
Amounts allocated to satisfy intercompany
balances (2,302) - 2,302
Net book value at date of sale (8,158) (8,158)
Reserve for anticipated expenses (1,026) (2,012) (986)
--------------- ------------------ ------------------
Gain on sale 38 9,683 9,645
================ =================== ==================
</TABLE>
The gain on the sale of A&B has not been included in the pro forma
statement of operations due to its non-recurring nature.
K Pro Forma net income per share calculated on the basis of a weighted
average of 20.6 million shares outstanding less 2.42 million shares of
treasury stock.
L Pro Forma net loss per share calculated on the basis of a weighted average
of 19.1 million shares outstanding less 2.42 million shares of treasury
stock.
P-6
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